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this post was submitted on 23 Sep 2023
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You may be waiting a very long time. People aren't selling their homes with mortgages at 2-3 percent from 2020-21. Golden handcuffs until rates come down at some point.
That's where I am. We bought our place in 2016. Since then i became a parent and my house is no longer ideal, but I have a 2.7% rate when we refinanced during covid.
Zillow says our place is supposedly worth 70% more, but houses are still selling for double.
I can't move. It's also fucked up that I'm incredibly fucking fortunate to even have a place. If we hadn't bought when we did we'd be fucked
Unless they go bankrupt, yeah they are sitting on that as long as possible.
That's us. We bought our house at the height of the COVID freak out, when APRs were low but few people were buying because no one knew what was going to happen. Our house then appreciated by 35% over the course of a few months and has remained high; we couldn't afford our place anymore at current rates and prices, much less anything else.
Same. Fortunately we love our house so that's good. It's going to be our home for at least a decade (probably our forever home).
Sure, but if you can't afford it anymore or you have to move for some reason (e.g. job loss or job move), you can probably rent it out for quite a bit more than your mortgage is and keep building equity. Rents are also sky high in most metros.
They can sit there all they want, builders are more than happy to supply the market without competition from existing homes. Of course at some point rates will go down, and flood the market with existing homes, hopefully while the builders keep over producing for a while.
Builders still need to sell with high interest rates so they are also holding back.
Housing units under construction has been at a 50 year high for a year and a half, with no sign of a slow down, just a shift from single to multi family units.
Not true:
https://finance.yahoo.com/news/homebuilders-face-a-tough-balancing-act-on-new-construction-amid-high-mortgage-rates-130744368.html
Like I said, single family construction has slowed, while multi-family construction has more than picked up the slack. We're still at 50 year highs with no significant down turn. Try looking at actual data rather than propaganda pieces in the media.
https://fred.stlouisfed.org/graph/fredgraph.png?g=19jjo